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Schäfer, D., Stephan, A. & Weser, H. (2023). Crisis stress for the diversity of financial portfolios: evidence from European households. International Review of Economics and Finance, 83, 330-347
Open this publication in new window or tab >>Crisis stress for the diversity of financial portfolios: evidence from European households
2023 (English)In: International Review of Economics and Finance, ISSN 1059-0560, E-ISSN 1873-8036, Vol. 83, p. 330-347Article in journal (Refereed) Published
Abstract [en]

In this paper, we investigate how European households changed the diversity of their financial portfolios in response to the Great Financial and the subsequent European Debt Crisis. For this purpose we apply a Difference-in-Differences (DiD) approach estimated as a correlated random effects (CRE) model to six waves of the Survey of Health, Ageing and Retirement in Europe (SHARE). We find that households holding risky assets responded to the twin European financial crises with lower levels of diversity in their financial portfolios. We also reveal their flight to liquid and safe bank accounts at the expense of mutual funds and stocks. The downward trend peaked in 2015. Only after 2015, when the Eurozone debt crisis was definitely over, those households’ financial portfolios became more diverse again. The findings are highly robust across gender, income, and wealth quartiles, as well as across most countries. Such behavior is most likely a mistake with negative wealth consequences for the households and for the society. Programs to increase portfolio diversity literacy could support households in avoiding such behavior in the next crisis.

Place, publisher, year, edition, pages
Elsevier, 2023
Keywords
Background risk, CRE, DiD, European debt crisis, Financial crisis, Financial portfolio diversity, Flight-to-liquidity, Individual investment behavior, Mutual funds, Stocks
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-58572 (URN)10.1016/j.iref.2022.08.022 (DOI)001064775900007 ()2-s2.0-85138060149 (Scopus ID)
Available from: 2022-10-03 Created: 2022-10-03 Last updated: 2023-09-29Bibliographically approved
Schäfer, D., Stephan, A. & Fuhrmeister, S. (2023). The impact of public procurement on financial barriers to general and green innovation. Small Business Economics
Open this publication in new window or tab >>The impact of public procurement on financial barriers to general and green innovation
2023 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913Article in journal (Refereed) Epub ahead of print
Abstract [en]

This study investigates whether public procurement mitigates or exacerbates innovative enterprises’ financial constraints. We distinguish between general and environmentally beneficial innovative enterprises. Theory suggests that the treatment effects of public procurement, particularly when mediated by the demand-pull effect, may lower a company’s funding constraints for innovation. We test this theory with extended probit models allowing for endogenous treatment and selection. The findings reveal a significantly positive treatment effect of public procurement on the probability of facing financial constraints in both areas: general and environmentally beneficial innovative activities. Thus, the principal implications of this study are (1) that being an innovating SME exacerbates financial constraints and (2) that strengthening SMEs’ participation in European public tenders would not contribute to lowering SMEs’ financial constraints. On the contrary, complementary grants or other financial incentives might be necessary to substantially increase the SMEs’ bidding rates in public tenders.

Place, publisher, year, edition, pages
Springer, 2023
Keywords
Environmentally beneficial innovation, Financial constraints, General innovation, Green financial constraints, Green fiscal policy, Public procurement, Small and medium-sized enterprises, Sustainable finance
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-62218 (URN)10.1007/s11187-023-00790-2 (DOI)001034482400001 ()2-s2.0-85165566488 (Scopus ID)HOA;intsam;897716 (Local ID)HOA;intsam;897716 (Archive number)HOA;intsam;897716 (OAI)
Funder
EU, Horizon 2020, 857831
Note

Article; Export Date: 21 August 2023; Cited By: 0; Correspondence Address: D. Schäfer; Jönköping International Business School, Jönköping University, Jönköping, Sweden; email: dschaefer@diw.de

Available from: 2023-08-21 Created: 2023-08-21 Last updated: 2023-08-21
Petreski, A., Schäfer, D. & Stephan, A. (2022). Green bonds’ reputation effect and its impact on the financing costs of the real estate sector. Global Labor Organization (GLO)
Open this publication in new window or tab >>Green bonds’ reputation effect and its impact on the financing costs of the real estate sector
2022 (English)Report (Other academic)
Abstract [en]

This paper explores the effect of a firm's reputation of being a green bond issuer on its financing costs. Using a sample of 73 listed Swedish real estate companies issuing in total about 1500 bonds over the period from 2011 till 2021, differencein- difference analyses and instrumental variable estimations are applied to identify the causal impact of frequent green vis-à-vis frequent non-green bond issuing on a firm's cost of capital and credit rating. The paper argues that it is repetitive issuance which lowers a firm's cost of capital, while the effects from first or one-time green bond issuance is the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds has no effect on the cost of equity capital.

Place, publisher, year, edition, pages
Global Labor Organization (GLO), 2022. p. 25
Series
GLO Discussion Paper Series ; 1182
Keywords
bond issuance, green debt, reputation capital, sustainability, ESG
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-58903 (URN)
Funder
EU, Horizon 2020, 857831
Available from: 2022-11-16 Created: 2022-11-16 Last updated: 2023-02-20Bibliographically approved
Mutarindwa, S., Schäfer, D. & Stephan, A. (2021). Differences in African banking systems: causes and consequences. Journal of Institutional Economics, 17(4), 561-581
Open this publication in new window or tab >>Differences in African banking systems: causes and consequences
2021 (English)In: Journal of Institutional Economics, ISSN 1744-1374, E-ISSN 1744-1382, Vol. 17, no 4, p. 561-581Article in journal (Refereed) Published
Abstract [en]

This paper links banking system development to the colonial and legal history of African countries. Based on a sample of 40 African countries from 2000 to 2018, our empirical findings show a significant dependence of current financial institutions on the inherited legal origin and the colonization type. Findings also reveal that current financial legal institutions are not major determinants of banking system development, and that institutional development and governance quality are more important. A high share of government spending relative to GDP also positively affects banking system development in African countries.

Place, publisher, year, edition, pages
Cambridge University Press, 2021
Keywords
banking systems, colonial history, correlated random effects model, financial institutions, legal origin, G21, G38, G39, K15, K40, K54
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-52017 (URN)10.1017/S174413742100014X (DOI)000669695300003 ()2-s2.0-85102375137 (Scopus ID)HOA;intsam;1537536 (Local ID)HOA;intsam;1537536 (Archive number)HOA;intsam;1537536 (OAI)
Available from: 2021-03-16 Created: 2021-03-16 Last updated: 2024-01-22Bibliographically approved
Mutarindwa, S., Schäfer, D. & Stephan, A. (2020). Central banks' supervisory guidance on corporate governance and bank stability: Evidence from African countries. Emerging Markets Review, 43, Article ID 100694.
Open this publication in new window or tab >>Central banks' supervisory guidance on corporate governance and bank stability: Evidence from African countries
2020 (English)In: Emerging Markets Review, ISSN 1566-0141, E-ISSN 1873-6173, Vol. 43, article id 100694Article in journal (Refereed) Published
Abstract [en]

This paper focuses on the identification of the causal relationship between central banks' supervisory guidance and individual bank stability. We propose and test the hypothesis that this causal relationship is mediated by the degree to which banks comply with their central bank's corporate governance recommendations. Specifically, we exploit the fact that there is considerable cross-country heterogeneity in providing supervisory guidance. Our recursive two-equation system is equivalent to an endogenous treatment effect model in which the treatment is the provision of supervisory guidance. We find that institutional factors, in particular the legal family of origin, political stability, contract enforcement and strength of investor protection promote provision of supervisory guidance. If a central bank has published supervisory guidance, local banks show better internal governance and higher stability.

Place, publisher, year, edition, pages
Elsevier, 2020
Keywords
African banks, Central bank, Supervisory guidance, Corporate governance, Legal systems, Institutions, Bank stability
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-48012 (URN)10.1016/j.ememar.2020.100694 (DOI)000536392500012 ()2-s2.0-85083045814 (Scopus ID);intsam;1417279 (Local ID);intsam;1417279 (Archive number);intsam;1417279 (OAI)
Available from: 2020-03-27 Created: 2020-03-27 Last updated: 2021-05-27Bibliographically approved
Mutarindwa, S., Schäfer, D. & Stephan, A. (2020). Legal History, Institutions and Banking System Development in Africa. Essen: Global Labor Organization (GLO)
Open this publication in new window or tab >>Legal History, Institutions and Banking System Development in Africa
2020 (English)Report (Other academic)
Abstract [en]

This paper links banking systems development to the colonial and legal history of African countries. Specifically, we investigate the impact of differing legal traditions on the development of existing investor and creditor protection, and on African banking systems. Based on a sample of 40 African countries from 2000 to 2016, our empirical findings show a significant dependence of current financial institutions on the legal origin and the colonization type. Findings also reveal that current legal financial institutions are not the major determinants of banking system development, whereas institutional and regulatory quality significantly matter for banking system development in both common and civil law countries. Strong creditor rights reduce the cost of banking in African countries.

Place, publisher, year, edition, pages
Essen: Global Labor Organization (GLO), 2020. p. 36
Series
GLO Discussion Paper ; 444
Keywords
Legal origins, colonial history, financial institutions, banking systems, Hausman-Taylor estimation
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-47553 (URN)
Available from: 2020-01-29 Created: 2020-01-29 Last updated: 2021-05-27Bibliographically approved
Mutarindwa, S., Schäfer, D. & Stephan, A. (2020). The impact of liquidity and capital requirements on lending and stability of African banks. Journal of international financial markets, institutions, and money, 67, Article ID 101201.
Open this publication in new window or tab >>The impact of liquidity and capital requirements on lending and stability of African banks
2020 (English)In: Journal of international financial markets, institutions, and money, ISSN 1042-4431, E-ISSN 1873-0612, Vol. 67, article id 101201Article in journal (Refereed) Published
Abstract [en]

We assess whether compliance with Basel III’s main requirements, the Net Stable Funding Ratio (NSFR) and the risk-weighted Total Capital Ratio (TCR), matters for lending and stability of African banks. Banks with an NSFR or a TCR of at least the required minimum are defined as treatment group in the endogenous treatment estimations. Our results reveal that African banks complying with the capital threshold TCR lend more than banks from the less capitalized control group, while banks complying with the NSFR threshold lend less than their peers. A detailed analysis with sample splits reveals that complying with the capital threshold improves the Z-score and the ratio of non-performing loans (NPL ratio) only for those banks with stability levels above the median. The likelihood of African banks to comply with the Basel III thresholds is overall strongly dependent on the strengths of regulatory institutions in the home country and, in case of the capital ratio, also on the legal origin.

Place, publisher, year, edition, pages
Elsevier, 2020
Keywords
Basel III, Net stable funding ratio, Risk-weighted capital ratio, Lending, Bank stability, Non performing loans
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-43214 (URN)10.1016/j.intfin.2020.101201 (DOI)000550780400002 ()2-s2.0-85086585181 (Scopus ID);intsam;1292476 (Local ID);intsam;1292476 (Archive number);intsam;1292476 (OAI)
Note

Included in thesis in its manuscript form.

Available from: 2019-02-28 Created: 2019-02-28 Last updated: 2021-05-27Bibliographically approved
Schäfer, D. & Schrooten, M. (2018). Geld und die Welt. Vierteljahrshefte zur Wirtschaftsforschung, 87(3), 5-8
Open this publication in new window or tab >>Geld und die Welt
2018 (German)In: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 87, no 3, p. 5-8Article in journal, Editorial material (Other academic) Published
Place, publisher, year, edition, pages
Duncker & Humblot, 2018
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-45452 (URN)10.3790/vjh.87.3.5 (DOI)
Available from: 2019-08-06 Created: 2019-08-06 Last updated: 2019-08-06Bibliographically approved
Barasinska, N. & Schäfer, D. (2018). Gender role asymmetry and stock market participation – evidence from four European household surveys. European Journal of Finance, 24(12), 1026-1046
Open this publication in new window or tab >>Gender role asymmetry and stock market participation – evidence from four European household surveys
2018 (English)In: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 24, no 12, p. 1026-1046Article in journal (Refereed) Published
Abstract [en]

This study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national household surveys, we find that in Italy – the country with highly asymmetric gender role prescriptions – women's risk-taking behavior responds to this non-supportive environment. Consistent with the theory of social identity, Italian women refrain from stock market participation more than their self-reported risk tolerance levels would suggest. In contrast, in the three countries with a lower asymmetry in gender role prescriptions, no exaggerated female backing off from investing in stocks is observable. The result is robust to separately analyzing sub-samples of singles and couples. However, women who self-select into stock market participation invest the same portfolio share in stocks as do their male peers – independent of the society's degree of gender role divergence. 

Place, publisher, year, edition, pages
Routledge, 2018
Keywords
gender, risk tolerance, self-selection, social norms, stock market participation
National Category
Economics Gender Studies
Identifiers
urn:nbn:se:hj:diva-38339 (URN)10.1080/1351847X.2017.1371622 (DOI)000432659600002 ()2-s2.0-85029434636 (Scopus ID);intsam;1170763 (Local ID);intsam;1170763 (Archive number);intsam;1170763 (OAI)
Available from: 2018-01-04 Created: 2018-01-04 Last updated: 2021-03-02Bibliographically approved
Wulandari, F., Schäfer, D., Stephan, A. & Sun, C. (2018). Liquidity risk and yield spreads of green bonds. Berlin: DIW Berlin, German Institute for Economic Research
Open this publication in new window or tab >>Liquidity risk and yield spreads of green bonds
2018 (English)Report (Other academic)
Abstract [en]

This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying that, nowadays liquidity risk is negligible for green bonds.

Place, publisher, year, edition, pages
Berlin: DIW Berlin, German Institute for Economic Research, 2018. p. 22
Series
Discussion Papers, E-ISSN 1619-4535 ; 1728
Keywords
Green Bond, Liquidity Risk, Yield Spread, Sustainable Investment, Fixed Income Security, Financial Innovation
National Category
Economics
Identifiers
urn:nbn:se:hj:diva-41595 (URN)
Available from: 2018-09-26 Created: 2018-09-26 Last updated: 2019-02-28Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0003-3879-7361

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